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Darty annual profits rise, market remains challenging

Reuters - UK Focus

PARIS, June 19 (Reuters) - Darty (Other OTC: KESAF - news) , Europe's No. 3 electrical goods retailer, on Thursday posted higher 2013/14 annual earnings helped by its turnaround strategy and said it would pursue growth this year despite challenging market conditions.

The firm, which competes with Metro (Toronto: MRU.TO - news) 's Media-Saturn and Dixons Retail (Other OTC: DSITF - news) , reported an 11.2 percent rise in operating profit to 73.4 million euros in the year to April 30 against 66 million euros a year earlier.

Like its rivals, Darty is facing weak consumer spending and competition from online retailers.

London-listed Darty, which has more than 450 stores in Europe, has responded by cutting costs, exiting loss-making operations in Italy and Spain and focusing on its core markets of France, Belgium and the Netherlands.

(Reporting by Dominique Vidalon; editing by Jason Neely)